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Mike, I agree with you. People have to be clearer about this too when discussing the bailouts.
Of course, the money creating powers of the Fed are a government resource, and American citizens, including taxpayers, are in some way the operators of their government. But using the term "taxpayer resources" creates the mistaken impression that the bailouts and special Fed facilities were funded entirely by tax revenues.
Mike: But he gets it all wrong about using "$24 trillion worth of taxpayer resources." It's a ridiculous statement.
In his favor, Dylan obviously means "public resources." But "tax-payer" has a bigger kick to it, even though it is out of paradigm.
Actually, as you know, Randy is pushing a 29 T figure that includes rollovers, along with a rationale on how it is privileged use of public resources.
The "corporate communism" gambit is clever, in that calls attention to how the 1% gets privileges that the rest don't, and this special treatment allows them to funnel $ to the top.
It's a matter of phrasing (framing), and I am glad to see Dylan tackling this head on, even though he is bit out of paradigm on it. I'm willing to cut him some slack there for the sake of rhetoric, since most everyone else is out of paradigm, too.
But it would be great if someone could sit with Dylan for an hour and explain how things actually work under the existing monetary system. He'd be a great spokesperson for MMT monetary economics if he got it. Whether he would go for the full MMT macro solution is another matter, but maybe.
I remember a few months ago he lost it and was just screaming "we're being extracted!, we're being extracted!" and I felt he was in a way correct but he just couldnt explain why and his message wasnt honed. iow I could tell his heart was in the right place but his mind wasnt catching up...
Now he is starting to hone it with his "Corporate Communism" phrase and he is getting closer. (I have to admit this is a pretty good tag line! ;)
But as usual with these well meaning folks it quickly comes back to Mike's "Taxpayer on the hook!" and then nowhere...
Agree it could well be MMT to the rescue if it ever gets in front of him there....
The rhetoric is an interesting question in itself. People would rather think of themselves as "taxpayers" than, say, "workers", because class struggle is the real third rail of U.S. politics (and who wants to be a mere "worker", anyway?).
It isn't factually correct to say taxpayers are on the hook, but it has a righteous ring. So what's the alternative to "taxpayer" that has the same ring of honor, anger and apple pie? "The 99%?"
Good point, reslez. I can't of a more powerful term that is in paradigm other than "the public." But people identify personally with taxes, not be a member of the public. We really do need to work on the rhetoric here.
8 comments:
From Masters of the Universe to Corporate Communists, unbelievable.
But he gets it all wrong about using "$24 trillion worth of taxpayer resources." It's a ridiculous statement.
Mike, I agree with you. People have to be clearer about this too when discussing the bailouts.
Of course, the money creating powers of the Fed are a government resource, and American citizens, including taxpayers, are in some way the operators of their government. But using the term "taxpayer resources" creates the mistaken impression that the bailouts and special Fed facilities were funded entirely by tax revenues.
mike, have you ever tried to get on his show?
Mike: But he gets it all wrong about using "$24 trillion worth of taxpayer resources." It's a ridiculous statement.
In his favor, Dylan obviously means "public resources." But "tax-payer" has a bigger kick to it, even though it is out of paradigm.
Actually, as you know, Randy is pushing a 29 T figure that includes rollovers, along with a rationale on how it is privileged use of public resources.
The "corporate communism" gambit is clever, in that calls attention to how the 1% gets privileges that the rest don't, and this special treatment allows them to funnel $ to the top.
It's a matter of phrasing (framing), and I am glad to see Dylan tackling this head on, even though he is bit out of paradigm on it. I'm willing to cut him some slack there for the sake of rhetoric, since most everyone else is out of paradigm, too.
But it would be great if someone could sit with Dylan for an hour and explain how things actually work under the existing monetary system. He'd be a great spokesperson for MMT monetary economics if he got it. Whether he would go for the full MMT macro solution is another matter, but maybe.
Right Tom,
I remember a few months ago he lost it and was just screaming "we're being extracted!, we're being extracted!" and I felt he was in a way correct but he just couldnt explain why and his message wasnt honed. iow I could tell his heart was in the right place but his mind wasnt catching up...
Now he is starting to hone it with his "Corporate Communism" phrase and he is getting closer. (I have to admit this is a pretty good tag line! ;)
But as usual with these well meaning folks it quickly comes back to Mike's "Taxpayer on the hook!" and then nowhere...
Agree it could well be MMT to the rescue if it ever gets in front of him there....
Resp,
The rhetoric is an interesting question in itself. People would rather think of themselves as "taxpayers" than, say, "workers", because class struggle is the real third rail of U.S. politics (and who wants to be a mere "worker", anyway?).
It isn't factually correct to say taxpayers are on the hook, but it has a righteous ring. So what's the alternative to "taxpayer" that has the same ring of honor, anger and apple pie? "The 99%?"
Good point, reslez. I can't of a more powerful term that is in paradigm other than "the public." But people identify personally with taxes, not be a member of the public. We really do need to work on the rhetoric here.
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